Following one’s dreams to establish a business, and then getting it all up and running is a long process. In fact, most startups take at least two to three years to begin raking in any form of profits. And, it’s not atypical to for many entrepreneurs to expect seeing real success around seven to ten years down the line. Of course, when you’ve invested more than 10 to 15 years into a business, it’s not just about the money and sweat equity; it’s then becomes more about an emotional attachment. Entrepreneurs are known to equate the company’s success with their success and failure as an individual.
Regardless of how well a company performed, there typically always comes a time when selling the venture is a must. And without a doubt, it is a likely one of the toughest decisions you’ll ever have to make. Whatever may be your reasons, whether health, family and personal issues, or a brand-new idea taking up all your time and energy – breaking ties with your business can be challenging. And if you want the company to continue to grow and be successful, it is crucial to plan a carefully executed exit.
So, even though your company will be moving into someone else’s hands after you sell it, the business is still a part of your legacy. So, your actions should be guided by smart business sense and not emotions. Doing so will help you end up with more money when it is a done deal, and your former business will have a better chance of flourishing when all is said and done.
With that being said, this post will share 10 effective tips any entrepreneur can employ to ensure the successful and most lucrative transitioning of their business into the hands of another.
Let’s dive in:
10 Super Smart Tips For Selling Your Business
1. Expect the Process to Take Anywhere from Six Months to Three Years or More
Selling a company is a long, complicated process and takes a minimum of six months. Expert brokers tell you to start planning for the sale when you first establish the company. When establishing the company, founders typically don’t see a situation in the future where they might have to sell. But, you’d want to prepare for this eventuality at the onset, so you have the necessary financials, ownership deeds, and other titles clear. You might just be able to speed up the sales process by having the paperwork in order. Vetting potential buyers, assessing bids, and negotiations are only some of the steps leading up to the final step when you step away.
2. Get in Touch with Expert Business Brokers
Hiring professional business brokers will get you the required market visibility. They’ll connect you with the right buyers in the industry who understand the company’s actual value. You’ll get help with evaluating the optimum asking price and other end-to-end services to ensure that the sale proceeds without a hitch. Business brokerages work with a team of people who have the necessary expertise in legal, financial, real estate, sales and purchases, and taxes, for starters. Their inputs can prove invaluable.
Related: Smart Money Moves
3. Don’t Let the News Get Out Until You’re Ready
This is a crucial tip to keep in mind for selling your business. Until the time you’re actually ready with a buyer and factual information about how the sale will progress, it is best not to reveal your plans. Unexpected news can create panic among the stakeholders, including vendors, customers, investors, and your team. Make an official announcement only when you have a buyer in hand. Once the deal is finalized, you’ll be in a position to include details about how the sale will impact the people connected to the company.
Complete assurance that all operations will continue unimpeded is essential to maintain the worth of the business. Buyers will want to take over a stable, well-performing company.
4. Get Experts to Evaluate the True Worth of the Company
When the business is doing well and making significant profits, entrepreneurs expect to get a high price from the sale. However, potential buyers take into account various other aspects when bidding. Cash flows, a dedicated customer base, sustainability, and long-term objectives are only some of the criteria that can make or break the deal. Setting an unrealistic price tag could make it hard to sell the enterprise.
Rely on experts to analyze the company’s actual worth. You’ll also ensure that the price includes intangible goodwill built over the years, the value of the time and effort devoted into establishing the enterprise, and customer relationships.
5. Collect the Necessary Documentation
Having profit and loss statements, bank statements, balance sheets, and other paperwork in order is a critical aspect of setting up a business. But, if you’re not quite ready with the paperwork at the time of the sale, now would be the best time to get things in order. Collect statements dating back at least three years. Potential buyers need to be sure that the company has been making profits consistently, and has the capability of sustaining that growth. Financials also give a fair overview of the company’s debts, equity, and assets, all of which can influence the bids and maximum asking price you can command.
Related: How to Accelerate Your Business
6. Create the Distinction Between Personal and Company Expenses
Setting up a company needs investment and funds. Most startup founders use their savings and cash from family and friends. You may have been working part-time to set up the business and using your salary from a full-time job. Most companies don’t have a separate identity at the onset, and when you start making profits, you’ll use some of the money for personal expenses. You may also want to return funds to friends who invested in the company. A wiser move is to pay yourself a regular salary from the company account and use that money for your expenses. In this way, you’ll keep all the reports and statements transparent, so buyers have a clear view of how the funds have been used.
7. Vet Your Buyers Carefully
Price points are undoubtedly the deciding factors when vetting the right buyers for the company. But, various other factors go into the final decision. To begin with, you’ll want to check if the buyer has the necessary experience and knowledge about the industry where you work. The new owner must have the expertise to run the business and be an effective leader. Having devoted a decade of your life to the startup, ensure that it is going into the right hands. If you intend to get paid from the company’s future profits, you would want to confirm that it will remain profitable and operational.
8. Clean Up the Office and Manufacturing Premises
Expect that buyers will want to visit the company premises and take a look around. Invest the time and money in enhancing the curb appeal. Clean up the exteriors and interiors by making necessary repairs with a fresh coat of paint. You’ll also wan to upgrade the furniture, reorganize tools, equipment, and inventory. Search around for storage prices that suit your needs and move out some of the clutter. You’re likely to get a higher price for a clean, well-organized facility.
9. Make Good on Your Commitments
The last thing that new owners want to do is keep up with the debts and commitments you made. Once you decide to sell the business, start by paying off the company debts, defaults, and any other obligations. And that includes paying off loans and funds and interest owed to your friends. This is also an excellent time to give team members any shares you may have promised them. Showing the minimum liabilities on the balance sheet can get you a higher price for the company.
10. Train the Team to Work Without You
Your precious company has a better chance at continued success only if you have a well-trained team to keep it running. Put together a group of people committed to the business and know precisely how operations work. Ensure they know how to manage vendors and customers and the day-to-day functioning even without your constant supervision. When bidding for the company, buyers need to see that they can take it over without hampering its profit-generating potential when the founder steps down.
Building a startup from the ground up is a long and challenging process for entrepreneurs. When you’re ready to sell the business, take your time vetting buyers carefully. By doing this you’ll ensure that it sells for the right price. At the same time, choose buyers who understand the business’s actual value and the efforts that went into its founding. Because when you do, you’ll create more financial upside for yourself. On top of that, you’ll also ensure the long-term success of what you spent the last couple years of your life building.
So, best of luck with all your plans, and may you find continued success in both business and life.
Till next time,
HOW TO BE FREE IN A WORLD THAT DOESN’T WANT YOU TO BE
We are all chasing something. Some of us are chasing fame, many others power, and the great majority…money.
Most of us crave these things because we’ve lacked one or all at some point in our lives. For many of us, years and years pass as we yearn for what we lack.
Until! Until that one day arrives. The day we make up our minds to change things.
And so, we attempt to take matters into our own hands.
We pursue with zeal, that thing we have convinced ourselves we were lacking.
We chase relentlessly our much-needed fame, power, and fortune.
And for the most part, many of us eventually reach our zenith. We reach a semblance of that intended aim.
Yet, once attained, something usually doesn’t seem right.
The exuberance gained from obtaining our goal quickly fades.
And unfortunately, that feeling of accomplishment is almost always short-lived.
Because in most cases, all too many of us chase goals without understanding the deep and true intentions of our pursuit.
We think all we really want is the money, the fame, and the power. We think once we get these things, everything in our lives will be fine. And all our problems will magically be solved.
But this is not true.
WHAT YOU REALLY WANT
This is not true, because money, fame, and power is not what you really want.
What most of us really want. What most of us really need, is to feel as if we own ourselves.
We all want the peace of mind that comes from knowing we can manage, survive, and even thrive on our own in this world.
From the day we are born, we seek out and continually struggle for more and more independence.
We want to know we can do it on our own.
Every waking moment, from our first breath to our last, we strive to own ourselves. We strive to find a way to move through this life unfettered, freely, and without restraint.
“You should have a greater fear of what will happen to you if you remain dependent on others for power. Your goal in every maneuver in life must be ownership.” – Robert GreeneTweet Quote
We seek the dignity that is bestowed upon the person who has learned how to become the master of their own life.
My friend, what we really want is freedom.
And freedom can only be found in one way.
And the way is through self-reliance.
NOT LOTS OF MONEY
On the surface, the money, fame, and power appear to be what we crave most. But it is not. It is the freedom those things can provide when the money, fame, and power are acquired.
However, without self-reliance, the fame, the money, and the power will always be limited. Without self-reliance you can never be free.
The self-reliant person can always find ways to acquire money. But, the reliant person will always be limited by their dependencies;
Dependent on an employer for a paycheck? Not Free.
Dependent on the government? Not Free.
Dependent on someone to take care of you? Not Free.
Dependent on a trust fund? Not Free Either.
You see, even the person who finds their way to some big money by good luck but lacks self-reliance, risks losing it all.
Look at all the tales of lottery winners and ex-professional athletes gone bust. They acquire loads of money, but never learn the value of self-reliance. They never learn the value of taking ownership of their own lives. They never truly learn how to be free.
As a result, they become victims of their outcome, prisoners of their bad habits, and almost always quickly go from having it all to losing it all.
The self-reliant knows how and where to look to find fame and recognition. The reliant is bound by their ignorance and those with whom they owe their fame to.
A person who finds fame, but lacks independence, ends up much like the lottery winner who never learned the value of self-reliance. Such people eventually find themselves without their cherished celebrity-like status, and struggle mightily to get it back.
They hope their managers, agents, or talent scouts can help them, and they can, but it always comes with a price. And that price is freedom.
And the minute a person realizes they don’t have true freedom, their fame loses its luster.
The self-reliant person easily learns the inner workings of power. And when you combine their independence with their deep understanding of power, gaining the upper hand (when it comes to power) is made so much easier.
A person who wields power, but is dependent on others, always comes up short. Power is best managed and kept by the self-sufficient, self-supporting, and the self-reliant. A person who depends on another, always forfeits their power over to the person they depend on.
Power seeks dependents, not dependency.
And that is why, only he who is self-supporting is self-reliant, independent, free.
HOW TO BECOME FREE
So how can you become more self-reliant? How can you become free?
You decide to be. Then you work for it, labor for it, earn it.
Independence, freedom, and happiness will always come through labor, not idleness. You can’t get to a Super bowl, let alone win it, by accident. The same goes for the World Cup, the Olympics, or name your highly cherished endpoint.
There’s no pill you can take that will automatically show you how to be free, nor is there an easy shortcut for learning how to become self-reliant. But there is a formula, and it’s quite simple.
Simple formula, yes, easy formula, no.
And the simple formula is this… awareness + action.
Related: Inspiring Self-Reliance Quotes
If you truly want to learn how to be free, you must make up your mind to become the master of your circumstances. You must decide to become the captain of your own ship.
And that starts to happen when you become aware that you are fully responsible for your decisions, your actions, for your life.
And in so doing, you’ll realize that all your efforts, or lack thereof, have lead you to the exact point where you find yourself today.
This realization is your starting point. It will be your foundation for future action towards your true aims. Freedom.
The self-reliant person is too strong, too decent, too dignified to depend upon others, like some needy infant, for his support.
He strives to learn, shuns self-conceit, embraces self-trust, and becomes a person of quick decision.
The self-reliant man, the free man, is a man of action.
Are you a man…or woman of action? You get to decide.
You have the keys on how to be free. They were just given to you, so what will you do with them?
If you wish to maintain sovereignty over yourself in the highly connected world we find ourselves in, you must get comfortable with maximum effort, and continuous striving.
You absolutely must become a person of action.
If you truly want to be self-reliant and free, you must begin trusting yourself as a task-master. Take responsibility for everything that has happened and is happening in your life.
Most importantly, if you don’t like where you are going, or if you feel you are over dependent on anyone or anything, have the courage to take massive action.
Grab the helm of your ship, and steer it into the harbor you seek. Your freedom awaits!
Till you reach your aims,
PS – Achieving freedom doesn’t just magically happen. Achieving freedom requires a plan. So, if you truly want to captain your own ship and be free, you’ll need something like this to steer your ship from point A to point B.
10+ SUCCESSFUL YOUNG ENTREPRENEURS WHOSE STORIES WILL INSPIRE YOU TO BECOME ONE
If you’re searching for some inspiring young entrepreneurs stories then you’ll enjoy this page.
The term ‘entrepreneur’ often conjures up images of experienced, successful individuals who had arrived at a point in their lives when they felt confident to take new risks and face new challenges. Harland David Sanders was 62 when he launched Kentucky Fried Chicken, and Robert Noyce was 41 when he founded Intel. Even research shows that the average age of an entrepreneur today is 40.
But success can come at any age. And many ambitious youngsters are going against the grain to launch their own startups during their 20s and 30s… and some while they’re still in school! If you’re a young person with a big idea, it’s important to know that you don’t have to wait until you’re older to put your plans into action. Having said that, here are 10+ inspirational young entrepreneur stories that might motivate you to get started:
10+ INSPIRING YOUNG ENTREPRENEUR STORIES
1. Nicholas Boehnlein
Boehnlein’s inspirational story shows that passion and determination are more powerful than age or experience, with the young entrepreneur’s rising star shining amongst the more seasoned professionals.
Graduating with an MBA from the EU Business School in 2017, Swiss-born Nicholas Boehnlein is now one of India’s most promising young entrepreneurs. Alongside business partner Ankit Chaudhari, Boehnlein founded Aiisma; one of the world’s first data marketplaces that is successfully changing the way consumer data is used, and working to transform data sets into essential, usable business assets.
Boehnlein had little doubt about his future, having grown up in a highly competitive and entrepreneurial household in Switzerland, inspired by his father’s and grandfather’s own entrepreneurial journeys. Yet despite success being in his blood, he states that the path to success ‘is not always rosy’, especially for ambitious youngsters trying to compete against seasoned professionals experienced in the industry.
The secret to his success? “As a young entrepreneur, having one foot in education and one foot in the professional life is an absolute must”, says Boehnlein. He achieved this by taking back-to-back online courses – a Bachelor’s degree in Business Administration followed by an MBA – which allowed him to expand his theoretical knowledge while also gaining valuable practical experience out in the field.
2. Keiana Cave
Cave’s inspirational story shows that women really can have it all. She’s the example many young girls need, demonstrating how it is possible to juggle high school, extracurriculars, and business success.
Aged just 18, Cave is one of the youngest honorees on the Forbes ‘30 Under 30’ list for 2021. Based in New Orleans, Louisiana, Cave is the Founder of Sublima Pharmaceuticals, where she acts as CEO and Chief Scientist. The female-led startup is on a mission to launch the first non-hormonal birth control pill in the United States in a bid to provide women with more choice and control over their own bodies.
While Cave enjoyed life as a regular high school student, participating in ballet, track, and cheerleading, her passion for nanotechnology proved overwhelming. Her story fully begins in 2014, when she was awarded $10,000 – presented by NFL Quarterback Drew Brees – during the New Orleans Entrepreneur Week, allowing her to conduct research into the BP Gulf oil spill that attracted the attention of Chevron.
Having raised $1.2 million from the partnership, Cave drove the funding into her research at the University of Michigan, where she gained a Bachelor’s degree in Chemical Engineering, Aerospace Engineering, and Entrepreneurship.
Today, Cave and her team are committed to building a community that both educates and empowers women to take back control of their own healthcare and bodies.
3. Mozia Bridges
Mozia Bridges’ inspiring entrepreneur story demonstrates that age doesn’t matter when it comes to business, all that matters is whether or not you can create something people want.
Mozia Bridges is the 21-year old Founder, President, and Creative Director of Mo’s Bows, a hand-made bow-tie company he started when he was just nine years old. His company now makes bow-ties, neck ties, pocket squares, and other fashion oriented apparel.
Mozia secured the mentorship of Daymon John after getting onto to the hit reality show ‘Shark Tank’. And since the start of his company, it’s grown by leaps and bound and is now an international company, he has a country with the NBA, and his products can be found in big name retail outlets all over the world.
4. Henry Burner
Burner’s inspirational story shows that not even a learning disability can slow down a great entrepreneur. He’s living proof that you don’t need to get top grades to build a successful business from the ground up.
Although he’s still in school, Henry Burner has already enjoyed quite the entrepreneurial journey, having gone from regular schoolboy to Founder of a company supplying Walmart within just a few years.
With the help of his family, Burner launched Buttonsmith in 2013; a company selling pinback buttons in a range of designs, including political pins and buttons inspired by famous artists like Van Gogh and Monet.
What makes Burner’s journey all the more inspirational is that the young entrepreneur had long struggled at school. Diagnosed with dyslexia, Burner found academia to be challenging and worried about his future.
The young boy, however, found that he had a very business-focused mind, and began selling his buttons at a local farmer’s market before moving into eCommerce with his own website.
With the help of a successful Kickstarter campaign in 2015, Burner’s business went from strength to strength. Today, Buttonsmith operates a physical store in Carnation, Washington, and 1600 Walmart stores across the US now stock Tinker Reel badge reels.
Despite still being in education, Burner oversees 18 employees, and is inspirational proof that struggling at school doesn’t mean you can’t succeed.
5. Espen Larsen-Hakkebo
Larsen-Hakkebo’s inspirational story shows that even when things seem challenging, it’s worth battling through. Despite financial difficulties during the early years, he now co-owns a thriving tourism business.
Alongside Agnes Arnadottir, Espen Larsen-Hakkebo is the Co-Founder of Brim Explorer; a cruise company that offers voyages onboard its silent, pollution-free, hybrid-electric vessel of the same name. In 2019, Larsen-Hakkebo and Arnadottir were together crowned Young Entrepreneurs of the Year in front of King Harald of Norway at the Nor-Shipping awards, and today the young businessman acts as CFO of the firm.
However, it wasn’t always this way. Larsen-Hakkebo earned his Bachelor’s degree in European Studies, followed by a Master’s in Innovation and Technology at the University of Oslo in Norway, and went on to work as a business consultant specializing in public affairs, and as a Project Manager for a political youth organization Jeunes Europeens Federalistes before finding his passion for sustainable tourism in his 30s.
Speaking to Nor-Shipping, he described his entrepreneurial journey as “a bit of a battle”, relying on donations from friends and family to get the business off the ground before later receiving funding from ENOVA and Innovation Norway. It was two years before the firm took delivery of their first vessel.
Larsen-Hakkebo is proof that it’s never too late to make a change and to follow your dreams.
Related: Quotes For Entrepreneurs
6. Jack Parsons
Parsons’ inspirational story shows that where you come from doesn’t have to dictate where you’re going. Once a vulnerable young person, Parsons now supports those growing up in similar circumstances.
20-something Jack Parsons is the Founder and CEO of The Youth Group; a UK-based global initiative that supports young people as they strive to reach their full potential. What’s so inspirational about Parsons is that he was once a vulnerable young person in need of support himself, having experienced a difficult childhood and a lack of school support. Today, he’s in charge of a company of more than 155 people.
By age 26, Parsons had recognized the value of learning from failure, and he became motivated to take his own experiences and use them to help others. He launched The Youth Group as a way to build strong professional networks and secure placements, apprenticeships, and employment opportunities for those that lack academic qualifications. To date, the initiative has helped 1 million people around the globe.
Parsons’ tips for other budding entrepreneurs? Focus. “You may feel overwhelmed, feel like you want to stop, that you no longer want to be an entrepreneur, this is why it’s so important to be present in the moment and in the task you’re completing”.
Parsons believes in taking things one step at a time and never losing sight of your vision; two techniques that have helped him get to where he is today.
7. Mariia Plotkina
Plotkina’s inspirational story shows that one person really can make a difference. The young entrepreneur is changing the face of Russian education because she was brave enough to take action.
Mariia Plotkina launched Geek Teachers in her native Russia back in 2018, and just two years later was recognized as Female Entrepreneur of the Year (Europe) by Youth Business International. The organization offers online classes to support teachers as they incorporate new technology into their lessons, and Plotkina was awarded $5000 from Citi Foundation in 2020 to develop her enterprise.
Plotkina’s professional story begins with graphic design and later moves into education. Her entrepreneurial story, however, begins in a computer science classroom in Russia, where the young teacher began to feel ‘deflated’ by the current state of education across the country. Keen to make a change, Plotkina, with zero business experience, launched an innovative firm… all before age 30.
Today, Plotkina is in charge of a team of 15, with more than 40,000 users across Russia logging in to training masterclasses with the former teacher to build their confidence using technology in the classroom. And as a young entrepreneur, Plotkina believes she still has a long way to go, with big plans to expand into the United States and create a form of ‘exchange program’ with American establishments.
8. Fung Lam
Lam’s inspirational story shows that small beginnings can lead to big things. He’s living proof that taking even the smallest steps towards your goals can form solid foundations for growth and development.
He’s only in his 30’s, but Melbourne-based Fung Lam has already been crowned Australian Young Entrepreneur of the Year, and has a place on the Young Rich List for 2020. Lam is the Founder and Executive Director of New Aim; a small startup that grew to be one of Australia’s leading online retailers, reporting a growth rate of more than 40% over the past decade and with an annual turnover of $300 mil.
Lam’s story starts with a Bachelor’s degree in information technology, which was obtained from Monash University in 2003. Lam put his IT knowledge to good use, using the web to upsell low-cost products on eBay sourced from Melbourne’s two-dollar stores.
Drawing on product-sourcing networks in his native China, Lam transformed his startup with no external funding into a leading marketplace supplier.
The hardest part about moving from graduate to business leader, according to Lam? Managing people. “Data doesn’t have emotion; it doesn’t change what it says. Understanding human behavior is difficult but you need to understand why people think the way they do”.
Today, Lam’s business employs upwards of 300 people, supplying marketplaces like Amazon with thousands of products like tools and furniture.
9. Adelle Archer
Archer’s inspirational story shows that success can be born in the strangest and most unusual of ways. Archer is proof that groundbreaking ideas and true passion can hit you when you least expect it.
Adelle Archer may only be young, but she’s already become one of the leading names in the grief wellness industry having founded Eterneva back in 2017. Based in Austin, Texas, Archer’s company turns ashes into diamonds; a process that takes around 8 months. A self-confessed mission-driven person, Archer has featured on Shark Tank and now acts as CEO of her firm, transforming the death care sector.
Archer’s inspirational story begins with the untimely death of a close friend and mentor, and the disappointing, impersonal experience she had from another company when turning the ashes into a keepsake. The former Product Manager and Business Development consultant decided to put her Master’s in Entrepreneurship and Business Administration to good use, starting her own company.
Although Archer comes from a long line of what she calls ‘enterprising, stereotype-busting ladies’, she believes that the true secret to success is driving your energy into something you’re really passionate about. “I work on something that feels aligned with my passion and my values. Whenever I encounter hardships, they seem more surmountable because the motivation is deeper” says the California native.
10. Grace Beverley
Beverley’s inspirational story shows that your natural, inherent talents don’t always have to be the pathway you follow. The British entrepreneur is proof that you get to choose your own destiny.
Grace Beverley is the 20-something founder of sustainable fitness label TALA. Which is inspiring enough on its own. Add in the fact that Beverley achieved this while at the same time studying at England’s prestigious Oxford University, and the inspiration is even greater. Today, Beverley acts as CEO of the company, which promotes slow fashion and offers fitness wear for all different body shapes and sizes.
Originally planning on becoming a musician, Beverley studied violin at the Royal Academy for Music at the University of London before becoming a music major at Oxford. However, a passion for sustainability took her down a different path.
Gaining a Sustainable Business Strategy certification from Harvard Business School, Beverley went on to launch TALA, and was a Forbes ‘30 under 30’ honoree at age 23.
One of the hardest aspects of being a young entrepreneur, according to Beverley, is not how other people see you, but how you see yourself. Beverley has openly discussed feelings of imposter syndrome, often feeling like she doesn’t belong amongst others who have achieved great things at a young age. Her advice is to believe in yourself, and understand that age isn’t a barrier when it comes to success.
11. Claire Cleary
Cleary’s inspirational story shows that it’s OK to not know exactly what you want to do with your life in your teens, and that it is possible to become a young, successful entrepreneur following a career change.
Author of popular articles such as 7 Ways to Get and Stay Motivated, New Jersey-based Cleary is the Founder of Claire Cleary Coaching; a self-improvement business offering life coaching and personal training to help women achieve their goals. Cleary has been featured on ABC’s Good Morning America, Fox News, and Business Talk Radio, where she’s shared her story with the world.
And her story is truly inspirational. Despite seemingly having it all, Cleary began to feel ‘stuck’ in her 30s; as though she could achieve more, but didn’t know how, or even where to start. She bravely made the decision to step away from the stability of the corporate world to focus closely on her passion for fitness and, having found a way to realize her own dreams, is now on a mission to help others realize theirs.
“Even when people feel physically strong and healthy, some are still stressed, unfocused, and unhappy” says Cleary, who felt that way herself. Today, Cleary is a National Academy of Sports Medicine-certified personal trainer, behavior change specialist, corrective exercise specialist, and performance enhancement specialist, and is one of only 300 certified High Performance Life Coaches in the world.
12. Fraser Doherty
Fraser Doherty’ entrepreneurial story shows how small a passion, can transform into an amazing business opportunity that revolutionizes your entire life.
Fraser was only 14 years old when he started his first business. He took what his grandmother taught him about making marmalade, and transformed it into a recipe and brand he called SuperJam.
His jam product consisted of 100% fruit and after selling it to friends, neighbors, farmers markets and people around his community, people fell in love with his product.
As demand grew, he decided to get onto the shelves of his local supermarkets. He devised a production plan, and got to work.
And it wasn’t long before word spread far and wide about how delirious and healthy his sugar-free jam was. Doherty’s business exploded with his products flying off the shelvs. He’s since sold millions and millions of his special SuperJam. And with all those sales, he’s also become one of U.K.s youngest ever self-made millionaires.
Becoming an Entrepreneur
Many people – particularly young people – have big ideas, yet feel held back by their age or lack of experience. But as these inspiring entrepreneur stories show, some of the world’s most innovative and transformative new companies have been built by those who are still in school, or by those who have completely shifted their career path to follow their passions.
Today, you are reading these stories. But tomorrow, you could be one of these stories. It’s never too early – or too late – to follow your dreams.
Till next time,
PS – If you enjoyed these inspiring young entrepreneurs stories and if becoming an entrepreneur is something that is interesting to you, then you’ll likely love this article on the top reasons to become an entrepreneur.
TOP 5 SIDE HUSTLES THAT CAN ACTUALLY BOOST YOUR INCOME
There are a range of different side hustles that promise to be worth your while. However, gigs like Uber and Fiverr might not be the best options if you’re looking for a long term side hustle that can actually boost your income. In fact, your time may be better spent learning skills that can be used to generate a more substantial side income, like the 5 side hustles we recommend.
Maybe you’re having trouble paying all your expenses with your current income, or you’re just looking to make extra money so that you can splurge on designer bags. Whatever the reason, a side hustle can give you more financial wiggle room, and if you put in enough effort, many side hustles also have the potential to eventually become your full time income or lead to financial freedom.
What Exactly is a Side Hustle?
Before we get into the nitty gritty of side hustling to boost your income, it’s probably a good idea to lay the ground work for what classifies as a side hustle? In basic terms, a side hustle is any method to make money outside of your usual 9 to 5 job.
Most full time jobs pay you a capped salary, making it hard for you to grow financially. Even if your job offers bonuses, these are typically few and far between.
A side hustle on the other hand can boost your income by hundreds or even thousands of dollars every month. The barriers to entry for side hustles can vary. Typically, the longer it takes to develop your side hustle, the more room there is for your side hustle to grow. However, all these ideas can make a big difference on your bank account and your future fortune.
That said, are you ready for the top 5 side hustles that can actually boost your income? Here we go:
TOP 5 SIDE HUSTLES TO BOOST YOUR INCOME
1. Dropshipping As a Side Hustle
With the rising popularity of dropshipping businesses, many people believe that there’s no longer any money in it. However, if done right, you can make a significant amount of money doing dropshipping. Compared to other side gigs, dropshipping has a higher barrier to entry and greater risk. It’s very important to do your research.
Dropshipping involves setting up an online store and selling a product directly to the customer rather than having to buy inventory. Instead, the manufacturer of your product is responsible for carrying the inventory and for shipping products to the customer. Though this makes things easier, it’s important to note that you’re giving away control.
Running a dropshipping business as a side hustle can be particularly effective if you have a marketing background. Since you don’t have to focus on the production side of e-commerce, you can put more time into generating traffic and interest for your product. It could also be beneficial to have a finance background.
You can dropship almost any kind of product. Hence, if you have a particular passion or interest, you can sell products from this niche. In saying that, it’s also important to consider what type of industries and items are currently trending. This might make it easier for you to turn a profit.
2. Airbnb Hosting
Turning a spare room, granny flat, apartment or house into an Airbnb is a great way to make a side income. It also gives you the chance to get creative with interior design and to meet new people from across the globe. If you already have spare space, Airbnb can be a successful supplement to your existing income.
Despite launching only about a decade ago, Airbnb has blown up significantly. It runs across 190 different counties and has had over 150 million users. Around the world, there are over four million listing on Airbnb. It’s clear that many people see the value in becoming an Airbnb host.
What’s the process involved with running an Airbnb? Though you can just create a listing, there’s a lot more involved if you’re looking to run a successful Airbnb. You want to create a unique personality and be able to communicate these characteristics to help you stand out from the crowd.
Of course, you also want your Airbnb to feel like home for your guests. This means you’ll have to maintain your space by keeping it clean and decluttered. Too many personal items will make it hard for potential guests to imagine themselves staying there. Look into successful Airbnb listings around your area to get a grasp on what people are seeking.
Many Airbnb hosts make a significant amount from renting out space. For instance, there are many documented Airbnb hosts that make an average of $3740 in monthly revenue. This works out to be be almost $44,000 a year. Hence, there is definitely potential for Airbnb to become a full time income depending on your location, property and occupancy rate.
3. Event Ticket Reselling
Event or concert ticket reselling is a side hustle that you can start with little to no resources or time. All you have to do, is look out for events that are in high demand. Often, you can get presale codes or early bird deals if you sign up to certain newsletters or join official Facebook events.
Then, you can sell the tickets at or above the final price once tickets are sold out.
All you need is a working computer and an internet connection to get started with event and concert ticket reselling. You’ll want to start off small rather than trying to resell a ton of tickets your first time. This way, you’ll have time to get a grasp of what works and what doesn’t without putting yourself in too much risk.
If you want to get serious about ticket reselling, you should definitely create a system that allows you to record everything. This can be done by creating a spreadsheet on Excel or Google Sheets. Make sure to record what tickets you’ve bought, what price you bought them for, what price you sold them for, and potentially details for the people you’ve sold to.
Another important thing to consider is the consumer laws for ticket reselling in your state or country. In some locations, ticket reselling is prohibited. In others, you aren’t allowed to sell them for more than you bought them for. If you’re lucky, your location might allow you to resell at a percentage above what you bought them for or you might have no restrictions.
You should also be careful with how you resell tickets. There are many platforms that allow you to sell tickets safely. It could be risky to sell through Facebook or other social media platforms since the buyer may ask for proof of the ticket before paying, leaving the chance for your tickets to be stolen.
Related: Getting Rich With a Normal Job
4. Freelance Writing
Freelance writing is a side hustle that you probably hear about very often. This is because it has huge potential to make you a considerable amount of extra money on top of your existing income. However, if you don’t already come from a writing background, it can take a considerable amount of time to build up your skills.
It also takes a long time to build up your freelance writing portfolio. You might have to write articles for free before you can start charging people for your work. Even then, you might have to charge a minimal amount since there are so many other freelance writers competing for work.
There are many platforms online that allow you to find freelance writing opportunities from top clients. You can also look into platforms like Fiverr or Upwork in the beginning of your journey even though there isn’t much room to be making a lot of money. However, it’s a great way to build your portfolio and land small clients.
Once you’ve developed your skills as a freelancer and can bring value to audiences with your writing, you can look to be making anywhere from $500 to $3000 a month. It’s a great idea to try to find regular clients so that you have some sense of income security. Many freelance writers turn this side hustle into a full time job.
5. Use Social Media For Side Income
Social media has blown up in recent years, becoming an extremely lucrative industry. Though there is a low barrier to entry for those looking to become a social media influencer, there are also many different factors that will control how successful you get, some of which are out of your control.
You can build a personal brand on social media sites such as Instagram or YouTube. For those who don’t want to be in the spotlight, your personal brand can be based on something such as photography, cooking or your pet. With so many niches on social media, there’s bound to be room for your unique interest.
For platforms such as Instagram, you can monetize your account though sponsored posts, story shout outs and affiliate links. On YouTube, you can run ads on your videos as a way to monetize your content. On top of this, you can also do sponsored posts and affiliate links. As the social media industry grows, so are the amount of ways you can make money.
Of course, not everyone can become successful on social media as an influencer. Some influencers blow up within a few weeks whereas others spend years on their personal brand before they can start monetizing it.
Hence, you might look into other ways of making money through social media such as working behind the scenes as a videographer or editor. Or you could even aim to run social media campaigns part-time for other small businesses.
Whichever way you go with social media, there are multiple avenues and opportunities to pursue based off your strengths and interests.
Bonus Side Hustle
Here’s one last bonus side hustle. It’s not listed in the top five side hustles because it doesn’t pay you money on the side immediately. However, this side hustle can be one of the best side hustles to consider if you are patient, creative, and willing to put in the work.
Here it is… start a blog or an online publishing business. This side hustle can be extremely profitable, and can pay you lots of money eventually, if you can stick with it long enough.
All you have to do, is buy a hosting plan, come up with an idea or theme for your blog or publishing site, and the consistently publish valuable content that helps people. And, over time, once your readership or traffic grows, you can simply sell ad space on your blog or site, and begin making loads of money.
Again, this is not a quick or easy side hustle to consider, but it can be one of the most rewarding if you have the patience, persistence, and self-discipline to execute on publishing your creative ideas and helpful insights.
Final Words on The Top 5 Side Hustles
There you have it, the top 5 side hustles to consider if you’re looking for some extra cash. Here they are again as a quick recap:
- AirBnB Hosting
- Event Ticket Reselling
- Freelance Writing
- Social Media
- Bonus: Blogging
If you’re interested in side hustles that have the potential to actually boost your income, these are great options to consider. The best option for you will depend on your circumstances. You will want to consider how much time you have, your existing skills and how much money you can personally make with each option.
For instance, if you have a spare bedroom, it will make the most sense for you to consider becoming an Airbnb host. If you’ve always dreamed of becoming famous or having an audience, taking the leap into social media might be able to help you live out your passions while also making a side income.
Whichever option you choose, just remember, a side hustle is still work. So give the side hustle you choose your best and you’re side hustle will reward you in kind.
Till you reach your aims,
PS – If you enjoyed this post on the top 5 side hustles you can use to boost your income, then you may enjoy these Hustle Quotes to motivate you to take action on them.
WHY EVERY SMALL BUSINESS SHOULD START THEIR OWN MAGAZINE
Printed magazines play an extremely vital role in the business industry even today. Every business – small or big, requires a magazine to reach out to new potential clients. Magazines are a great way for businesses to showcase their products and services. Products can be beautifully brought to life with images and texts in the pages of a magazine. A single magazine issue will allow you to reach out to a wide number of customers.
And having this wider reach is extremely helpful for enhancing sales of just about any small business. Plus, apart from showing products and services, designing a magazine for your business will allow you to share the latest news and ideas about your business with all of your readers.
Magazines also have the potential to offer a unique voice. Along with that, they personally and visually appeal to the readers. If you own a small business and want your magazine to help increase the sales for your business, then you need to design a magazine that will make an impact on the readers.
Before you move on to the part where you ask yourself – ‘how to print magazines’? You need to think about how you will design a highly-impactful magazine that will stand out. Take a look at some amazing tips that will help you design a business magazine that will help boost the sales for your business.
KEYS FOR STARTING YOUR OWN MAGAZINE
Start with Research
If you are planning to print a magazine for your business, then the first thing that you need to do is – start with research. Take inspiration from other printed magazines that are similar to your business. Look at the magazine cover designs, page layouts, font styles, etc. Pick out the ideas, layout and colour combinations that catch your eye. A mood board will allow you to sort all the information that you find according to layout, colours, typefaces, and font. Extensive research will help you understand all the features that you want to add in your business magazine.
Plan the Layout Structure
Once you have an idea on the features and theme that you want to follow on your business magazine, start planning on the layout structure. The layout of your business magazine will include
- A catchy cover
- An attractive headline
- Introductory or kicker paragraph
- Perfect body copy
- Pull quotes
- Captions for images
These are some of the key elements that have to be added to the layout of your magazine. In further points, we will go in details about some the details of these key elements.
A Cover that Catches the Eye
Without a doubt, the cover is the first thing that people will generally look at when they come across your magazine. There’s no point in having perfect content pages when the cover will not attract the readers to open it. The cover of your magazine has to be attractive to perk the interest of the readers. While trying to design an attractive cover, keep in mind to not end up making it look too loud or flashy. Even a simple and minimalistic cover can do wonders. Here are some of the things that you should keep in mind while designing the cover:
- A captivating heading
- A suitable heading that will give the readers an idea on what to expect from your magazine
- Other small sub-headings that give an overview of the major stories covered in your magazine
- Try to incorporate a simple and striking colour palette
Perfect Content Pages
The next thing that people will notice about your magazine is the content pages. The content pages in your magazine have to be functional and easy to understand. Readers should be able to find and sort through sections or articles with ease. If you have too much content, then don’t stuff it all on a single page. Branch out and consider a two-page content instead. Additionally, also add relevant and enticing images that are suitable for the articles in your magazine.
Decide on the font, layout and design of your magazine and make sure that you stick to it. Experimenting on new layouts with each new page will fail to add the needed charm to your magazine. Once you have decided on the styles, colours and typography – work around it till the end.
Find a Dependable Printing Company
Once you have the perfect design layout for your business magazine, the next thing to do is to find a dependable printing company. Finding the right print company is probably the most important aspect. There are a lot of online magazine printers that specialize in printing magazines. Along with low-cost magazine printing, a dependable printing company will also make sure that your magazine turns out the way you had imagined.
If you are still not sure about how a magazine can help boost the sales for your business, here are some reasons why you should give it a shot:
Increases Brand Awareness
Showcase your brand with a magazine – This is probably one of the most constructive and effective benefits of having a magazine for your business. Magazines make it easier for you to reach out to a wide range of customers who are looking for the exact information that you offer. It is an instant way to increase brand awareness and gain followers
Ads Will Last Longer
Walk into any waiting room; the first thing you will probably notice is a bunch of magazines and the latest newspapers. Magazines have always found a place in common areas, waiting rooms, reading lounges and libraries which makes them last much longer. Magazines tend to appeal to people because of the quality, captivating images & headlines and interesting articles.
A magazine can never get old; this increases the likelihood of people seeing your advertisement in there. Even months down the line, your magazine can attract readers which can be good for sales.
Standalone Media Division
Every business needs marketing and advertisement to increase brand awareness and to reach out to new customers. A magazine can act as a great standalone media division. And who knows, it could also be a great way to generate revenue and profits for your business.
More Ad Engagement
Magazines have witnessed a higher ad engagement rate when compared to its online counterpart. With online magazines, people just skim through without actually reading on.
On the other hand, people usually buy or pick up a magazine to give it a serious read. Additionally, printed magazines can be shared with friends and family – which eventually increases the chances of people noticing your ads.
So, if you want more ad engagement, starting your own magazine is not a bad way to go.
Despite the hyper-growth seen in online media, magazines are still in demand. Not only are they still a preferred medium for people to digest information, but they still help plenty of businesses increase their revenue.
So, if you run a small business, and you’ve been looking for some additional ways of increasing sales and adding revenue to your bottom line, you may want to give serious consideration to starting a magazine as well.
Till next time,
PS – If you enjoyed this post on why you should start your own magazine, then you’ll likely enjoy this post about on what we believe to be akin to a digital magazine; an online business.
7 WAYS TO ACCELERATE YOUR BUSINESS AND ACHIEVE YOUR FINANCIAL GOALS
They say success loves speed. And as a business owner, you are likely to always be considering ways to accelerate your business and grow. Of course, we say this because in business, scaling your efforts and achieving your financial goals is the name of the game.
Now, the tough part is that pesky thing known as competition. Because in just about every market these days, the competition is high. And accelerating a business in a competitive market where we are not the only one selling the same product can be very challenging. Especially when there are large number of sellers selling almost the exact same product with little to no difference.
However, there is good news, and its this; that you can still survive in such market conditions. Even better, you can accelerate your business and push it forward. But, it does require a plan. And parts of that plan is what we will reveal in this post. We will be laying out some key ways that any striving business owner can leverage to grow sales and increase profits, regardless of the market conditions.
With that being said, let’s dive in.
Best Ways to Accelerate Your Business and Achieve Financial Goals
1. Avoid Meetings
Someone asks you for a meeting, you say yes. After 15 minutes, it is still not clear what you got from the meeting. Once you know there is something important, attend the meeting. Otherwise, avoid it. Be clear about everything that you do in the office. Unnecessary meetings slow down your speed and waste time more than anything else.
Instead… put this energy and time into something productive and important like future planning and customer care.
2. Hire The Best People
In fact, hiring the right person for the job is the most important thing you can do as a business owner. Once you hire the right person for the task, he or she will never ask you 5 times what to do next. It can save you more time and money. Giving a task to someone who cannot complete it properly is the most annoying thing that happens in the office.
To create a productive environment in the office, always try to hire someone who is best at the job. This will not only speed up your business but also helps you to focus on important things.
3. Manage Your Time
Remember that when you were in school, it was easy for you to study different subjects daily. Have you ever thought why this was possible?
Related: Time Management
Spending time and using time are two different things. Using your time pays off and generates great results. You need to manage your time properly and give time to every task that deserves it. This will boost your productivity and will make it easy for you to get more done in your working hours. And increased productivity allows improves the bottom line.
4. Increase Your Online Presence
20 years ago, it was not as important to have an online presence. However these days, things have changed. You can not make a very big impact without having an online presence in this day and age. The game and its rules have changed.
You must follow wherever your customer is. Which is why having an online presence has become more important than ever. The Internet has made it easy for everyone to reach a larger audience, sell more products, and hire people from all around the world.
With very little cost per month, you can start a blog and write articles about your niche and product that you want to sell. You can also rank for different keywords and expand your business by getting traffic to your blog. However, creating Facebook and Instagram pages helps you to find customers, sell products, and get their feedback as well. So, if you want to accelerate your reach and increase your profits, getting online is a must.
5. Don’t Stick To One place
They also call it “ Be everywhere”. Interestingly, there are many critics of these two words. But to make a fair decision, you need to understand this formula the right way to effective accelerate your business. “Be everywhere” is not about social media sites only. It is about having a presence on every platform that can benefit you without costing you much just like Amazon. Sure, multiple platforms can divert your attention and that is why they criticize it.
But as a business owner, you have to participate in the online business space and gain all the benefits that technology provides. You don’t know which platform would get you more customers. And it gets better when many apps are making it easier for you to manage all social media platforms without consuming time and doing the extra effort.
6. Reinvest In Your Business
One of the best ways to accelerate your business is to reinvest as much of your revenue back into the business as possible. Many business owners are tempted to enjoy their hard-earned profits once they start rolling in. And who can blame them, especially after so many long-nights and lean times just to get the business off the ground and running.
But, jumping on that boat practically guarantees a less than optimal trajectory for the growth of your business. So, reinvest early and often if you want to ensure you speed up the growth potential of your business.
7. Be Proactive
Being proactive is not about reaching a new market before your competitor. Instead, it is about providing more value than your competitor by making a great product or service. Finding a solution to a problem, understanding what customers want, and making improvements at the right time are the smartest ways to grow your business.
When Elon Musk created PayPal, he was solving a problem at the same time. And this was the biggest reason for the popularity and success of PayPal.
A great product or service can get you ahead in the market for the long term. However, giving more options, updating the design, and taking care of your customer is an even better way to make your product unique from others.
Accelerating your business and scaling its growth is not as hard as you might think. All you need to do is to decide what is important and what’s not. After separating everything else out, give most of your time to important tasks and those leveraged activities that will actually help you expand your business. And of course, strive to avoid all the low-impact efforts and unnecessary expenses.
That said, do yourself a favor and put these key tips to good use today. Not only will you accelerate the growth of your venture, but you’ll also get to enjoy the financial fruits of your efforts.
Till next time,
PS – If you enjoyed this post on how to accelerate your business growth, then you’ll love these insightful Millionaire Fastlane quotes on how to accelerate your wealth.
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